Ledgible, the professional-first crypto tax and accounting platform, recently announced $20 million in funding for its Series A Round led by EJF Capital LLC through its affiliate, the EJF Silvergate Ventures Fund.
Joining the investment round are JAM FINTOP, Thomson Reuters Ventures, TTV Capital, Fenbushi US, Commerce Ventures, Nathan McCauley, and Perkins Coie.
Ledgible claims it now “stands at the forefront of the professional-focused crypto tax & accounting industry.”
This investment will be used “to expand Ledgible’s product offerings as well as significantly grow its teams to meet the growing demand for its offerings.”
Kell Canty, CEO of Ledgible, said:
“For any individuals, institutions, or enterprises that hold or deal with crypto assets, the ability to properly account for them and realize the appropriate gain and loss for tax and accounting purposes is essential. At Ledgible, we provide the platform to bridge the gap between digital assets and traditional finance.”
The investment will be used “to expand the teams within their two core lines – Professional Tax and Enterprise Accounting, including further expansion to support their growing number of institutional partners and accounting firms.”
Jonathan Bresler, Managing Director at EJF, remarked:
“We see crypto as both a transformative application of novel technology and the next large investible asset class. Individuals and institutional investors need to be able to integrate and account for this investment and report that to the IRS and certain other regulatory agencies, where applicable. We invested in Ledgible because we see them as the preferred solution to account for digital assets on the blockchain.”
This investment also marks “a significant milestone in the professional tax space, underscoring the need for and importance of cryptocurrency support in the industry.”
Tamara Steffens, Managing Director, Thomson Reuters Ventures, stated:
“As leaders in tax and accounting technology, Thomson Reuters has direct insight into the complexity our customers face as crypto continues to grow as an asset class. Ledgible is the leading crypto tax software for professionals and our investment reflects Thomson Reuters Ventures’ commitment to serve our customers through investments in emerging technology.”
The Ledgible Crypto Tax & Accounting Platform “supports integrations across major blockchains, cryptocurrency exchanges, wallets, and professional accounting tools.”
As the bridge between crypto-assets and traditional financial accounting, Ledgible “determines crypto tax liabilities and delivers that data to all professional tax filing systems as well as general ledger accounting systems.”
The platform “features client management, collaboration driven workflow, team management, and is in use by tax and accounting professionals around the world.”
As mentioned in the update, Ledgible is “an AICPA SOC 1 & 2 assured tax reporting and portfolio tracking platform for crypto assets for professionals, enterprises, and consumers.”
The Ledgible Crypto Platform claims it is “the proven crypto asset solution for tax and accounting professionals with leading accounting firms, institutions, and major crypto companies globally.”
Ledgible Crypto Tax Pro is “used by thousands of firms to make tax reporting easy for their professionals and clients.”
As noted in the announcement, EJF is “a global alternative asset management firm headquartered outside of Washington, D.C. with offices in London, England and Shanghai, China.”
As of March 31, 2022, EJF “manages approximately $5.1 billion across a diverse group of alternative asset strategies.”
EJF has approximately 80 employees, “including a seasoned investment team of approximately 30 professionals with significant experience in banks, financials, fintech, and real estate.”
The firm was “founded in 2005 by Manny Friedman and Neal Wilson and has focused on regulatory event-driven investment themes since inception.”
